What is the coin security oracle? What solutions does it offer?

Dec 09,2022
What is the coin security oracle? What solutions does it offer?

Blockchain oracle is an important component of blockchain ecosystem. Without the oracle, the smart contract will not be able to obtain any real data. As a blockchain oracle, the coin security oracle enables smart contracts to browse the real data sources required by blockchain applications, ensuring that smart contracts can obtain correct data at the right time. So, what is the coin security oracle? What solutions can it provide us? Next, let's have a look.

What is the coin security oracle?

Coin security oracle was originally designed for BNB Chain and may be extended to other chains in the future. At present, all projects built on BNB Chain can use the coin security oracle and benefit from it. With the coin security oracle, developers no longer need to worry about data issues, but can focus on other important aspects of their blockchain projects.

Smart contracts rely on oracle machines to transport necessary information to them. Without the help of the oracle, the smart contract will not be able to interact with external data. In this regard, Coin security oracle is similar to other blockchain oracle - it is a data service provided by Coin security, and is designed to provide reliable and secure data on the chain for the blockchain.

Coin security oracle is currently specially built for BNB Chain, but it may also be applied to other blockchains in the future. In addition, all projects built on BNB Chain can use the coin security oracle service.

The BNB Chain ecosystem benefits from the coin security oracle in many aspects. First of all, as the native blockchain oracle of BNB Chain, the coin security oracle improves the credibility of its blockchain data. Secondly, the data provided by the coin security oracle is more reliable, adding new probability to new and old projects.

Finally, Jin'an oracle can attract new developers to add BNB Chain ecosystem. By relying on the Coincident oracle, any developer can connect his BNB Chain based project to the offline data, thus eliminating the trouble of maintaining current data and exploring new data sources, and preventing the risk of unreliable data applications.

What solutions does the coin security oracle provide?

Blockchain projects usually depend on reliable data. The coin security oracle consists of four aspects to ensure its data service is accurate, timely and tamper proof. Next, we will introduce in depth the function of the coin security oracle connecting BNB Chain with the real world.

1. Data source

The Coin Safety oracle uses carefully selected data sources to ensure the accuracy of data and the reliability of data sources. For example, the coin security oracle machine obtains price data from multiple centralized trading platforms (CEX) and decentralized finance (DeFi) applications, and uses the weighted average formula to summarize these data.

2. Data resolution and signature

Coin security oracle has the function of data processing and signature, aiming to avoid data being tampered with. It uses a distributed signature system called threshold signature scheme to sign the latest data from different sources. Any public key holder can verify the accuracy and authenticity of the electronic signature, but if you want to change the data, you must have a set of private keys.

3. Data publication

The data is published on the blockchain according to the multi nodes that only publish signature data. The smart contract for storing data is secure and has been audited. Multiple nodes can adjust the frequency of data publication according to different market conditions. This means that in the period of high price fluctuation, smart contracts can still get accurate data. Even in the most extreme situation, multiple nodes can ensure the stability of data publishing.

4. Data supervision

The independent monitoring service of the coin security oracle runs 7 * 24 hours a day to ensure that the data is updated automatically. It obtains price data from different data sources and compares it with published blockchain data. If significant data errors are detected, the customer service team of the Jin'an oracle will intervene.

Speaking of this, I believe that you have a certain understanding of what is the coin security oracle and what solutions it provides. In general, if there is no oracle, the information source of the blockchain will be limited to its internal data, and its potential and probability of wide application will be greatly reduced. Although blockchain oracle does not solve the problem of data availability, they can use external data sources to transmit off chain data to the chain. The coin security oracle enables the smart contract to connect to all the confirmed data outside its network, and its operation steps can ensure that the data is always accurate, safe and automatically updated. The coin security oracle has developed four solutions to ensure accurate and reliable data, and is always under supervision, so that problems can be handled in a timely manner.